- An Alabama Crimson Tide betting fan placed $451,000 on Alabama to cover the -6 spread against the UCLA Bruins in the Sweet Sixteen.
- Alabama saw a $330,000 wager for them to cover the spread against the Maryland Terrapins.
- March Madness has seen more action than Super Bowl LV.
INDIANAPOLIS – As the March Madness Tournament continues to shock sports betting fans, big wagers continue to be placed.
Sports betting fans are still dropping six-figure wagers on teams. With the Sweet Sixteen starting, this is only expected to continue.
March Madness betting this year has already seen all-time highs in action, with the first three days of the tournament seeing more action than Super Bowl LV.
Big March Madness Wagers
With the Sweet Sixteen in route, sports betting fans are starting to place heavy action on their favorite teams. The Alabama Crimson Tide recently saw another six-figure wager placed on them.
BetMGM reported receiving a $451,000 bet on Alabama to cover the six-point spread against the UCLA Bruins. BetMGM has seen several big bets like this throughout the tournament.
Big Sweet 16 bets (@BetMGM):
• $451,000 to win $410,000 on Alabama -6
• $367,200 to win $306,000 on Oregon +3
• $306,000 to win $255,000 on Loyola-Chicago -6
• $222,200 to win $202,000 on Florida State +3
• $112,200 to win $102,000 on Creighton +13.5
— John Ewing (@johnewing) March 24, 2021
Alabama has been on a tear throughout the tournament having multiple strong performances from beyond the arc. The Crimson Tide has become a fan favorite, being in the top five most wagered on teams since the tournament started.
Top 5 most bet on teams (by ticket count) to win the tournament at @betmgm since the brackets came out:
— Darren Rovell (@darrenrovell) March 17, 2021
In addition to Alabama, the Gonzaga Bulldogs have also seen a lot of action from fans thanks to their dominant play. The Bulldogs now have +150 short odds to win the entire tournament, and NCAA betting fans continue to place big action.
A sports bettor recently dropped $100,000 on the Zags to win it all. The payout would be $150,000. This is the largest futures bet BetMGM has seen in years.
Six-figure wagers like Alabama and Gonzaga aren’t new to this tournament, as several big wagers have been placed in earlier rounds.
Two notable stories come from the Alabama Crimson Tide vs. the Maryland Terrapins game and the Kansas Jayhawks vs. the USC Trojans matchup.
College basketball betting were active, with sportsbooks seeing six-figure wagers for both matchups.
The betting fan who placed $330,000 on Alabama won big, taking the Crimson tide to cover the -5 spread as Bama went on to win 96-77 and advance to the Sweet 16.
The betting fan who placed action on Kansas on the other hand wasn’t so lucky. Kansas had -120 odds at +2 but lost in a blowout to USC 51-85. Had they won, the sports betting fan would have seen $300,000 off of the $360,000 they wagered.
These aren’t the only big wagers the tournament has seen either. A sports betting fan placed $168,300 on the Florida State Seminoles, Someone dropped $165,000 on the Oregon Ducks, and the Abilene Christian Wildcats saw $224,400 wagered on them.
The tournament continues to see large wagers placed each round and is expected to see these kinds of wagers through till the end.
This is the most wagered on March Madness event in history, with the first three days alone breaking all-time records.
“Off the top of my head, the first three days of the tournament have probably been our best ever,” said Jeff Stoneback, a veteran Las Vegas bookmaker with BetMGM.
With more states than ever offering odds for March Madness betting, it is no surprise that the total betting handle has increased so much in 2021.
In addition, there was no tournament last year due to COVID-19. The lack of a tournament in 2020 could have made legal sports betting fans all the more eager to hop on sportsbooks and place action this time around.
As the Sweet Sixteen begins, sports betting fans will continue to wager even more big bets, raising the overall betting handle even more. March Madness betting is on pace to become the most wagered sporting event in US history this year.
Coming from a background in narrative-based writing, Giovanni strives to write stories that will keep the reader engaged. Although he does pride himself in being accurate, how the story is told is also very important to him. When he’s not keeping readers up to date on sports betting laws and legislation, you can find him writing and recording music, playing videogames, or engaged in heated sports debates with his friends.